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Nirmal Bang Report
Jyoti CNC Automation Ltd.'s shares are likely to be in focus after Nirmal Bang reiterated its ‘Buy' rating on the stock, citing strong domestic growth momentum and multi-year structural demand tailwinds, despite near-term overhang from its European subsidiary Huron.
The brokerage has maintained a target price of Rs 976, implying an upside of around 28% from current levels.
The brokerage expects the domestic CNC machine volume to grow more than 30% in FY27E, backed by rise in consumption in auto and auto ancillary industries, general engineering, EMS, and aerospace equipment manufacturing industries.
Jyoti CNC should outpace industry growth, supported by its leading domestic CNC manufacturing capabilities and a 21% domestic manufacturing market share. As far as operation at Huron is concerned, the management has guided for normal operations and a big order win in Q2 and Q3 from France and Germany.
Pending current investigation, Nirmal Bang estimated decline in revenue at Huron. A good FY27 at Huron will remain a positive surprise for its FY27 estimates.
Nirmal Bang maintains Buy rating with a target price of Rs 976.
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